Independent business lender White Oak has today announced it has successfully distributed over £100m of loans to SMEs since its accreditation to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) in May.
The key milestone follows the completion of a £150m securitisation facility from Barclays Bank, which allowed White Oak to deploy additional lending to SMEs.
White Oak provides business loans, equipment finance and asset-based lending solutions to SMEs and mid-corporate clients across the UK. Since the company was accredited as a CBILS lender it has quickly mobilised to support 580 businesses with loans paid out from £75,000 to £750,000, with the ability to lend up to £5m.
With offices in London, Glasgow, Southampton, Manchester and Ewloe in Wales, White Oak benefits from national coverage, and its 100+ origination force has approved loans for SMEs and mid-sized corporates around the country with 79% lent to SMEs outside of London.
The company’s cross sector expertise has provided financial support to a wide range of businesses throughout the pandemic, including:
- £27m to companies in the construction and manufacturing sectors
- £27m to solicitors and business support services
- £9m to retailers and wholesalers
White Oak’s hybrid business model has allowed it to access funding from its own balance sheet and external funders to minimise red tape and provide efficient capital. Under CBILS, interest is covered by the Government for 12 months, and additionally, White Oak customers can benefit from a payment holiday of up to 12-months, enabling them to recover from the crisis without the immediate financial burden of repayments.
White Oak is set to continue providing valuable support to SMEs and mid-sized corporates through the crisis, with ambitions to lend the full £180m before the scheme closes for new applicants on 30th November 2020.
Andy Davies, Managing Director of Leases & Loans at White Oak UK, said:
“The CBILS scheme has provided vital financial support to thousands of businesses and has been critical for managing cashflow. SMEs are the backbone of the British economy and we are thrilled to be able to provide them with the help they need through these challenging times. As an independent lender, we’re playing a vital role to play in ensuring that financial support is delivered to those that need it.”
Andre A. Hakkak, Chief Executive Officer and Co-Founder of White Oak Global Advisors, LLC:
“We are very pleased with how quickly we’ve been able to provide over £100m in financial support to the SMEs who need it as we all look to build for the future. We’re passionate about working together with businesses which are looking for growth. The pandemic has only strengthened our resolve and we are now more committed than ever to supporting businesses to recover, grow and prosper.”